First Trust Correlations

FSGS Etf

31.44 0.12 0.38%

The current 90-days correlation between First Trust SMID and Tidal ETF Trust is 0.65 (i.e., Poor diversification). The correlation of First Trust is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

First Trust Correlation With Market

Very poor diversification

The correlation between First Trust SMID and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust SMID and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with First Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust SMID. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with First Etf

0.91	VBR	Vanguard Small Cap	Pair Corr
0.91	IWN	iShares Russell 2000	Pair Corr
0.88	DFAT	Dimensional Targeted	Pair Corr
0.92	IJS	iShares SP Small	Pair Corr
0.92	SLYV	SPDR SP 600	Pair Corr
0.87	AVUV	Avantis Small Cap	Pair Corr
0.91	DES	WisdomTree SmallCap	Pair Corr
0.9	MDYV	SPDR SP 400	Pair Corr
0.84	CALF	Pacer Small Cap	Pair Corr
0.87	REGL	ProShares SP MidCap	Pair Corr
0.72	OIH	VanEck Oil Services	Pair Corr
0.86	WTMF	WisdomTree Managed	Pair Corr
0.76	EWC	iShares MSCI Canada	Pair Corr
0.88	TOT	Advisor Managed Port	Pair Corr
0.77	EWA	iShares MSCI Australia	Pair Corr
0.7	SCHX	Schwab Large Cap	Pair Corr
0.72	OUNZ	VanEck Merk Gold	Pair Corr
0.8	UJAN	Innovator SP 500	Pair Corr
0.86	QCLN	First Trust NASDAQ	Pair Corr
0.93	RSP	Invesco SP 500	Pair Corr
0.75	DJAN	First Trust Exchange	Pair Corr
0.7	BLST	Exchange Traded Concepts	Pair Corr
0.92	RWK	Invesco SP MidCap	Pair Corr
0.77	MILK	Pacer Cash Cows	Pair Corr
0.71	TECHX	Wisdomtree Digital Trust	Pair Corr
0.86	VONE	Vanguard Russell 1000	Pair Corr
0.93	JPSE	JPMorgan Diversified	Pair Corr
0.78	BCHI	2023 ETF	Pair Corr
0.7	SHYD	VanEck Short High	Pair Corr
0.91	SNAV	Collaborative Investment	Pair Corr
0.69	EWM	iShares MSCI Malaysia	Pair Corr
0.75	VTEB	Vanguard Tax Exempt	Pair Corr
0.94	SMMD	iShares Russell 2500	Pair Corr
0.9	SPHQ	Invesco SP 500 Sell-off Trend	Pair Corr
0.67	JUCY	ETF Series Solutions	Pair Corr
0.83	SCHF	Schwab International	Pair Corr

Related Correlations Analysis

	FTXR	WBIF	SAA	ROMO	NUDV	EMM	JFLI	IEDI	UYM	DIVY
FTXR		0.74	0.9	0.77	0.93	0.75	0.89	0.86	0.83	0.93	FTXR
WBIF	0.74		0.91	0.92	0.79	0.8	0.83	0.89	0.81	0.82	WBIF
SAA	0.9	0.91		0.88	0.94	0.82	0.91	0.97	0.91	0.94	SAA
ROMO	0.77	0.92	0.88		0.84	0.94	0.94	0.88	0.9	0.88	ROMO
NUDV	0.93	0.79	0.94	0.84		0.84	0.95	0.92	0.94	0.98	NUDV
EMM	0.75	0.8	0.82	0.94	0.84		0.92	0.84	0.92	0.87	EMM
JFLI	0.89	0.83	0.91	0.94	0.95	0.92		0.9	0.94	0.96	JFLI
IEDI	0.86	0.89	0.97	0.88	0.92	0.84	0.9		0.92	0.92	IEDI
UYM	0.83	0.81	0.91	0.9	0.94	0.92	0.94	0.92		0.95	UYM
DIVY	0.93	0.82	0.94	0.88	0.98	0.87	0.96	0.92	0.95		DIVY
	FTXR	WBIF	SAA	ROMO	NUDV	EMM	JFLI	IEDI	UYM	DIVY

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First Trust Constituents Risk-Adjusted Indicators

There is a big difference between First Etf performing well and First Trust ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze First Trust's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FTXR	0.97	0.11	0.12	0.15	0.93	(1.14)	2.23	(1.71)	5.96
WBIF	0.54	(0.03)	(0.05)	0.03	0.66	(0.53)	1.26	(1.27)	2.87
SAA	1.75	0.01	0.05	0.07	1.93	(1.98)	4.04	(3.71)	9.67
ROMO	0.52	0.03	0.01	0.11	0.62	(0.52)	1.08	(1.26)	3.07
NUDV	0.51	0.04	0.04	0.12	0.46	(0.62)	1.15	(0.98)	3.37
EMM	0.71	0.17	0.13	0.32	0.82	(0.76)	1.65	(1.60)	3.92
JFLI	0.35	0.04	0.01	0.15	0.32	(0.37)	0.71	(0.83)	2.20
IEDI	0.65	(0.02)	(0.03)	0.04	0.75	(0.72)	1.67	(1.56)	4.22
UYM	1.51	0.21	0.15	0.18	1.54	(1.62)	3.73	(3.08)	7.79
DIVY	0.54	0.05	0.05	0.15	0.54	(0.60)	1.20	(1.15)	3.30

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First Trust Correlations

First Trust Correlation With Market

Very poor diversification

Moving together with First Etf

Related Correlations Analysis

First Trust Constituents Risk-Adjusted Indicators

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